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CAD Lags Other Majors Ahead Of Data

CANADA
  • USDCAD sits -0.2% at 1.3285 as CAD lags other majors amidst broader USD weakness, as US and CAD rates see a similar rally on the day.
  • US PPI and Empire in focus but also see Canadian mfg/wholesale sales and existing home sales, the latter expected to largely pause after a cumulative 36% decline over seven months.
  • The bear cycle is seen remaining in play, with support eyed at 1.3236 (Nov 11 low) after which sits 1.3205 (61.8% retrace of Aug 11 – Oct 13 rally).

Source: Bloomberg

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